The world's biggest glossy paper manufacturer plans to push down its hefty debt burden and then resume paying dividends.
After losing millions this year, the paper maker plans to shut down part of its European operations over the next three years.
The world's largest maker of glossy paper will sell 67 000 hectares of forest in Swaziland for R1-billion in order to finance debt.
Sappi, the world's biggest maker of glossy paper, says its second-quarter net income fell 88% as sales in its main market, Europe, weakened.
The forestry giant has expanded aggressively to make itself the world market leader.
Trade union Solidarity confirmed having received four section 189 layoff notifications from Sappi, which affects about 959 employees.
Paper group Sappi says the ongoing restructuring within its South African operations might include retrenchments at some of its production plants.
Paper maker Sappi says it will be cutting jobs and restructuring its operations to rein in costs and focus on higher margin businesses.
South African paper maker Sappi said on Wednesday it would close its entire Biberist Mill in Switzerland after failing to find a buyer.
Sappi has started consulting labour about closing down its Adamas Mill in Port Elizabeth, the paper and packaging company said on Monday.
South African paper maker Sappi said on Thursday it may close its Biberist mill in Switzerland due to tough market conditions.
Angry northern KwaZulu-Natal communities feel BEE has not benefited them.
Listed paper manufacturer Sappi intends to sell about 4,5% of its issued share capital to black investors, the company said on Wednesday.
Sappi, the world's largest maker of fine paper used in glossy magazines, reported on Monday a drop in full-year underlying operating profit.
Paper manufacturer Sappi said on Monday it has reduced its carbon footprint.
About 400 jobs are under threat as Sappi Southern Africa consults employees on reducing costs and improving efficiency, the company said on Monday.
Paper company Sappi has failed to improve worker conditions and implement "satisfactory" training plans for its workers, Ceppwawu said on Friday.
Sappi reported an operating loss of $7-million for the company's third quarter ending June 30, the paper manufacturer said on Thursday.
If there is a company that has been badly affected by the economic maelstrom, it is paper giant Sappi, which lost 80% of its market value.
South Africa's Sappi is discussing plans to cut European fine-paper output by a further 25% in January on the back of falling demand.